Going to keep my other financial details out of this for now. A simple search on my username will give them anyways.
Have a pension question for you.
There is no COLA on this pension.
I'm not married. No kids.
I am 62 yrs old. Mother died at 80 yrs. Father died at 82 yrs.
Plan on retiring July 1st, 2011
Here are the details for the pension:
Lump sum at age 65 = $35,000
Lump sum at age 62-1/2 = $29,750
Monthly payment at age 65 = $280.46
Monthy payment at age 62-1/2 = $238.39
There is a 1/2 of 1 percent penalty for each month you take the money before age 65.
Do I take the monthly payments or lump sum? At 62-1/2 or 65?
The one fly in the ointment is the company I work for has under-funded the pension fund.
Thoughts.
Thanks in advance.
Rob
Have a pension question for you.
There is no COLA on this pension.
I'm not married. No kids.
I am 62 yrs old. Mother died at 80 yrs. Father died at 82 yrs.
Plan on retiring July 1st, 2011
Here are the details for the pension:
Lump sum at age 65 = $35,000
Lump sum at age 62-1/2 = $29,750
Monthly payment at age 65 = $280.46
Monthy payment at age 62-1/2 = $238.39
There is a 1/2 of 1 percent penalty for each month you take the money before age 65.
Do I take the monthly payments or lump sum? At 62-1/2 or 65?
The one fly in the ointment is the company I work for has under-funded the pension fund.
Thoughts.
Thanks in advance.
Rob